Melanesia’s Fiji, also referred to as the Republic of Fiji is an island nation. Vanuatu to the west, New Caledonia to the southwest, the Kermadec Islands of New Zealand to the southeast, Tonga to the east, the Samoas and France’s Wallis and Futuna to the northeast, and Tuvalu to the north are its nearest neighbors. Fiji’s population increased from 837,271 people in the 2007 census to 884,887 people in the 2017 census. Fascinatingly, Fiji boasts one of the most developed economies in the Pacific, in large part because of its rich mineral, fish, and forest resources (the nation’s natural resources include timber, fish, gold, copper, offshore oil, and hydropower). Surprisingly, according to the World Bank evaluation of 190 economies, Fiji is placed 101 out of them in terms of how easy it is to do business there. According to statistics, from 2008 to 2018, the ease of doing business in Fiji averaged 75.91, reaching a record high of 101 in 2017 and a record low of 43 in 2008. Trust me, this is a place that encourages business growth, especially from foreign investors.
The best chances for business investment in Fiji
Here are the top business prospects in Fiji if that’s where you want to conduct business:
Launch a travel and tourism consulting firm
Travel and tourist consulting firms are among the first ventures that come to mind when considering beginning a business in Fiji. According to official figures, 75% of tourists in 2012 indicated that they were there for a vacation or holiday. Both honeymoons and ordinary romantic getaways are quite well-liked. Additionally, there are family-friendly resorts providing amenities for young kids including kids’ clubs and nannies. Fiji features several well-known tourist attractions. On the mainland, there are three options:
- Colo-I-Suva Forest Park.
- Sigatoka Sand Dunes.
- Botanical Gardens of Thurston near Suva (Viti Levu).
Scuba diving is a popular activity on the outer islands.
Construct a solar farm
Fiji’s government intends to employ science and technology to diversify its energy industry. Fiji, Papua New Guinea, and Samoa are setting the pace with large-scale hydropower projects, according to a 2015 Secretariat of the Pacific Community report. This demonstrates that there is great potential to increase the availability of renewable energy sources like solar, wind, geothermal, and ocean-based energy, thus it would be sensible to establish a solar farm in Fiji. A vast piece of land with numerous ground-mounted solar tracking towers is called a solar farm. Typically, it can be on a functioning farm or a similar open area of land that is largely undeveloped. The firms that install and build solar power grid systems make up the Solar Farm Developers industry.
Set up a hospital
One of your possibilities if you want to launch a company in Fiji that can serve the needs of the populace is to build a hospital. In Fiji, the healthcare sector is a profitable and rapidly expanding one. It consists of business owners that hold general medical and surgical hospital licenses and offers inpatients with medical disorders surgical and nonsurgical diagnostic and therapeutic care. Hospitals typically maintain inpatient beds and offer additional services like outpatient, operating room, and pharmacy services.
Start a business for clinic research
The clinical research industry is another one that will undoubtedly receive support and financing from the government of Fiji. This is so because the Fijian Ministry of Health founded the Fiji Journal of Public Health in 2012 to strengthen endogenous research capabilities. To increase endogenous capacity in health research through education and access to new technology, new rules have been put in place. Your main duty as a clinical research organization is to contract out research services to the pharmaceutical and biotechnology sectors. Preclinical, clinical, and management of clinical trials are all services offered by clinic research businesses. They also develop biopharmaceuticals. For pharmaceuticals or medical devices, many CRCs expressly offer help for clinical studies and clinical trials.
Launch a bus transportation company
One of your finest options if you want to launch a business in Fiji is to offer bus transportation services. Fiji’s major islands have numerous bus routes that are accessible and offer reliable service, making this a viable and flourishing industry there.
In addition to bus stops, buses are frequently just hailed as they approach rural regions. Buses are the primary mode of transportation for moving people between the communities on the major islands. Roll-on, roll-off inter-island ferries may also accommodate buses. Bus fare and the land transport authority impose strict regulations on routes (LTA).